SYND plunges 34% after exploit hits Commons bridge

Syndicate’s native token SYND crashed by 34%, making a new all-time low after another bridge exploit. The Commons bridge was compromised in the latest series of smart contract attacks, relying on accepting unverified cross-chain messages and sending out funds.

Syndicate announced an attack against its Commons bridge, which was shut down to prevent further losses. The recent exploit extends the streak of adverse events for Web3 in April, with deliberate attacks against smart contracts.

In the initial hours after the attack, Syndicate contacted on-chain investigators to estimate the losses and the exact mechanics of the attack. 

The bridge attack comes right after the recent ZetaChain exploit of team wallets. Cryptopolitan also reported accelerating attacks against individual wallets through a supply chain attack on OpenVSX. 

The Syndicate bridge attack also arrives just days after the Chronos Tech Time bridge was compromised and frozen. 

Syndicate lost value from its SYND token

The SYND token was launched to be used for on-chain fees and staking to secure the network. The token is native to the Syndicate Network, which is also connected to the Ethereum ecosystem.

Syndicate built its native chain, creating the need to use a bridge. This type of architecture, however, has caused some of the biggest exploits in crypto space.

As a result, SYND tokens fell to a new low of $0.019 after rapid selling. The token saw a spike in daily volumes to $2.9M after weeks of softer activity. Hours after the attack, the team did not give an estimate of the types of assets lost.

Most of the SYND trading happens on decentralized platforms, especially Aerodrome. Despite the presence of Syndicate Network, the token is traded in its Ethereum version. The effects of the hack may be limited, as only 1,000 wallets hold SYND.

Are bridges too much risk for DeFi?

Bridges still handle over $418M in volumes each day, connecting some of the busiest networks. Bridges are also tracked for a sign of inflows to some networks, to gauge user sentiment.

Creating multi-chain bridges is a workaround for the proliferation of different networks. There is still no clear alternative solution for DeFi, and bridges are still being drained or giving access to unauthorized tokens.

Most of the bridge attacks have been linked to Ethereum-compatible projects. As of 2026, Solana has the biggest bridge inflows, while BNB Chain has the biggest outflows.

The focus on Ethereum-based bridges recalls the activity of DPRK hackers, who are mostly focusing on ETH and Ethereum-based stablecoins for their main haul. 

The last few days showed hackers also made attempts against relatively low-value targets. However, experience from hacking bridge contracts could translate into bigger attacks. Cross-chain messages remain one of the biggest risks in the crypto space. 

The recent Drift Protocol hack also relied on a cross-chain message to unlock unauthorized access to rsETH.

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